PTAD Pays NGN8.6bn Arrears Of Pension Increment

The Pension Transitional Arrangement Directorate (PTAD) has said that it has finalised the payment of another instalment of pension arrears arising from the N32,000 increment approved by President Bola Tinubu, in 2024.

The latest instalment, which totals N8.6 billion, covers all 148,625 eligible Defined Benefit Scheme (DBS) pensioners across the Police, civil service, parastatals, as well as the Customs, Immigrations and Prisons’ pension departments of the directorate, PTAD said in a statement.

It also said that the payment was in continuation of the federal government’s settlement of arrears accruing from the second pension increment of N32,000 approved by the federal government in July 2024.

PTAD said it earlier settled the arrears of the first increment of 20/28% approved by the President, which took effect from January 2024.
The breakdown of the payment shows that the sum of N5.7 billion was paid to 59,342 eligible pensioners under Parastatals’ Pensions Department; N2.3 billion was paid to 71,084 eligible pensioners under the Civil Service Pension Department; N310 million paid to 9,579 pensioners under the Police Pension Department; and, N276 million paid to 8,620 pensioners under the Customs, Immigration and now Correctional Service pension department.

Announcing the payment, the Executive Secretary of PTAD, Tolulope A. Odunaiya, reiterated the commitment of the federal government towards the full settlement of the outstanding balance accruing from the increment.

The Executive Secretary further emphasised the unflinching determination of the Federal Government to proceed with its programmes aimed at improving the welfare of pensioners in line with President Tinubu’s Renewed Hope Agenda.